New York Foreclosure Down in May

Statewide foreclosure filings fell 8 percent from April; Declines 17 percent from May 2009

 

Foreclosure activity in New York fell 8 percent in May to 4,024 properties with foreclosure filings and fell 17 percent from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

New York foreclosures were down in May,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in auctions, which fell 24 percent for the month. The state’s unemployment rate remains below the national average, and its home values and home sales did not decline as far as most states during the first quarter. This is definitely contributing to the overall decline.”

 

New York ranked 21st in the country in total foreclosures reported for the month. With one in every 1,982 housing units receiving a foreclosure filing, its foreclosure rate ranked 41st among the 50 states.

 

Suffolk County dominates foreclosure rate in May

Suffolk County posted the highest foreclosure rate in New York for May, with one in every 606 housing units receiving a foreclosure filing — 3.3 times the state average. Richmond County came in second, with one in every 793 housing units receiving a foreclosure filing — 2.5 times the state average. Putnam County had the third highest foreclosure rate, with one in every 811 housing units receiving a foreclosure filing — 2.4 times the state average. Nassau County posted the fourth highest foreclosure rate, with one in every 1,011 housing units receiving a foreclosure filing — twice the state average.

 

Suffolk County tops in foreclosure total for May

Suffolk County came out on top, reporting 900 properties with foreclosure filings for the month. Kings County followed in second, documenting 626 properties with foreclosure filings. Reporting 453 properties with foreclosure filings for the month, Nassau County reported the third highest ranking. Queens County was fourth highest, reporting 368 properties with foreclosure filings.

 

State contributes 1 percent to nation’s monthly foreclosure total in May

New York accounted for 1 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

New York Top Foreclosure Rates By County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

New York

0

2,329

0

720

975

4,024

1,982

0.20

n/a

 

 

 

 

 

 

 

 

 

 

Suffolk

0

399

0

79

422

900

606

0.66

3.27

Richmond

0

166

0

39

21

226

793

0.50

2.50

Putnam

0

35

0

4

6

45

811

0.49

2.44

Nassau

0

445

0

2

6

453

1,011

0.40

1.96

Monroe

0

0

0

31

207

238

1,320

0.30

1.50

 

New York Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

New York

0

2,329

0

720

975

4,024

1,982

-8.34

-16.60

 

 

 

 

 

 

 

 

 

 

Suffolk

0

399

0

79

422

900

606

-5.76

44.93

Kings

0

559

0

48

19

626

1,546

18.56

5.21

Nassau

0

445

0

2

6

453

1,011

-1.31

-28.66

Queens

0

206

0

125

37

368

2,285

-31.85

-48.39

Bronx

0

172

0

62

19

253

2,025

10.48

-10.28

 

 

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